Here’s how Panasonic holds back Tesla shares
Panasonic cuts battery production in Japan and Tesla shares suffer. Elon Musk's house is in difficulty and some analysts are making uninspiring forecasts
Shares of Tesla, the world's largest electric vehicle company, lost nearly 5 percent on Monday after Panasonic, a Japanese battery company and major supplier to Elon Musk's home, said it had reduced cell production. in Japan.
FEWER PANASONIC BATTERIES, FEWER ELECTRIC CARS?
Panasonic cells are found in Tesla's more expensive models, such as Model X SUVs and Model S sedans.
The Japanese company's production updates have fueled fears about the slowdown in demand for electric vehicles, and in particular for high-end ones which often do not benefit from public purchase incentives.
TESLA IS IN DIFFICULTY
On October 18, while presenting Tesla's third-quarter 2023 results, CEO Elon Musk said that high interest rates are intensifying pressure on the company to lower car prices and could reduce power of consumer purchasing. He added that there are financial problems with the production of the Cybertruck , an electric pick-up truck.
WHAT THE ANALYSTS THINK
CNBC reports that several analysts expect Tesla to deliver 2.3 million vehicles in 2024, an increase of about 500,000 units year over year. According to the financial services company Bernstein, however, if Tesla wants to fuel growth of 500,000 units it will have to cut prices by around 16 percent; if it did, however, it would stress operating margins and Bernstein isn't convinced it can afford it.
Bernstein then expects 2.15 million deliveries for Tesla next year.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/perche-panasonic-frena-le-azioni-di-tesla/ on Tue, 31 Oct 2023 13:18:05 +0000.